Recovery from strong support at 112.00 zone extends into the second day and spiked to 112.76, where daily cloud top limited rally for now.
Bullish hourly studies are supportive however, plethora of strong barriers, consisting of daily cloud top (112.77), daily Tenkan-sen sen (112.84) and converged 10/55/20SMA’s (in attempt to create a double bear-cross) weighs and favors likely scenario of limited recovery before bears resume.
Overall bias remains bearish, seeing scope for renewed attack at key 112.00 zone (15 Dec / 02 Jan lows / 100SMA / Fibo 61.8% of 110.83/113.74 rally, with sustained break here to spark fresh bearish acceleration.
Conversely, sustained break above 113.00 barrier (Fibo 61.8% of 113.63/112.05 downleg) would neutralize bearish threats and signal further recovery.
Res: 112.77, 112.84, 112.95, 113.03
Sup: 112.44, 112.17, 112.00, 111.64
